In this lesson, we are going to examine several broad concepts in economics – “the social science that studies choices that individuals, businesses, governments, and entire societies make a they cope with scarcity.” 
Now that we have established …
that businesses seek to fulfill the wants and needs of society by providing goods and services, let’s take a look at some local businesses and see how these concepts apply close to home.
Visit Google Classroom and complete the Needs and Wants – Glenview Businesses assignment
“Our inability to satisfy all our wants is called scarcity. The ability of each of us to satisfy our wants is limited by the time we have, the income we earn, and the prices we pay for the things we buy. These limits mean that everyone has unsatisfied wants. The ability of all of us as a society to satisfy our wants is limited by the productive resources that exist.”
Supply and Demand
Refer to the slides below as we examine two fundamental economic concepts – the laws of supply and demand.
Supply and Demand Explained
- Bade, Robin, and Michael Parkin. Foundations of Economics. N.p.: n.p., n.d. Print.